Comparative statements of retained earnings for Renn Dever Corporation were reported in its 2024 annual report as
Question:
Comparative statements of retained earnings for Renn Dever Corporation were reported in its 2024 annual report as follows.
At December 31, 2023, common shares consisted of the following:
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained earnings during 2024, 2025, and 2026. Prepare the journal entries that reflect those events and transactions.
RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 Balance at beginning of year Net income (loss) Deductions: Stock dividend (34,900 shares) Common shares retired (110,000 shares) Common stock cash dividends Balance at end of year 2026 $6,794,292 3,308,700 242,000 889,950 $8,971,042 2025 $5,464,052 2,240,900 212,660 698,000 $6,794,292 2024 $5,624,552 (160,500) $5,464,052
Step by Step Answer:
From the given information we can infer the following events and transactions that affected RennDeve...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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